The fact that Ventspils millionaires – Olafs Berkis, Olegs Stepanovs, Igors Skoks and Genadijs Sevcovs – have been elected into Ventspils Nafta Supervisory Council clearly shows that the international concern Vitol is yielding to the interests of these Latvian oligarchs, informed BC Ventbunkers/LNT representative Aivars Gobins.

The decision taken in the July 25
shareholders meeting once again confirms that Vitol still easily enters into
doubtful transactions as when the company signed a secret contract with the
accused Ventspils Mayor Aivars Lembergs and his associates. The deal was
carried out back in the autumn of 2006 and it concerned privatization of Ventspils Nafta.

Vitol's willingness to ensure Western
corporate governance standards in AS Ventspils
Nafta and AS Latvian Shipping Company turns out to be just empty talk. By
supporting replacement of Ventspils Nafta
Supervisory Council, Vitol cooperates with a group that uses criminal methods.
Besides, the move also means pushing aside the state of Latvia from any control
over Ventspils Nafta. The Swiss
attorney Rudolf Meroni manages Latvia's interest in the seized property
secretly owned by Lembergs.

Berkis, Stepanovs, Skoks and Sevcovs
have unlawfully taken hold of the right to manage AS Ventspils Nafta's shareholder AS Latvijas naftas tranzits and its parent company AS Ventbunkers. To do that they made use of
lies and political forces willing to do everything to please their sponsors, even
via illegal means.

All the decisions that allow the mentioned
persons to control AS Ventbunkers and
AS Latvijas naftas tranzits have been
challenged at Latvian courts, reported BC A. Gobins.

Rudolf Meroni is the only lawful AS Ventbunkers and AS Latvijas naftas tranzits Chairman of the Supervisory Council. He
has already drawn the attention of a number of top Latvian officials to the
growing popularity of raiding in Ventspils business. Meanwhile, Ventspils millionaires
are openly using criminal methods to take over AS Ventbunkers and AS Latvijas
naftas tranzits.

Under the oligarchs' rule, these
companies' money has been squandered via a variety of schemes that have pushed
the state into millions of losses. Allegedly, the scams have been backed by the
political elite that is supposed to be working in the public interest.

Also, Latvian state officials have
been too slow to act – Berkis and his associates' raiding practice is
spreading. Although unlawful take-over of a company is a criminal offense in
the Western corporate practice, the international concern Vitol appears to support
it. This contradicts the company's statement that it entered Latvia to work
honestly and transparently.

Rudolf Meroni reminds that Berkis,
Stepanovs, Skoks and Sevcovs were Lembergs' associates in the years long
embezzlement in AS Ventspils Nafta.
Via a network of schemes, their offshore bank accounts were transferred
millions of dollars that were supposed to stay with AS Ventspils Nafta. The money should have reached the state budget and
all the company's shareholders.

Under Lembergs lead, the same persons
also "lent a helping hand" in defrauding the Latvian Shipping Company
out of money back in 2002. Back then, millions of dollars were directed away
from the company via fake freight contracts. The ongoing litigation in Britain
and the rulings made there prove this.

Berkis, Stepanovs, Skoks and Sevcovs
were working as officials in Ventspils companies for years, meaning they were
serving Lembergs by carrying out various scams. Today it seems that those times
are back again. To keep defrauding Latvia out of money, they have once again
joined forces and corruption is thriving in Latvia.

The fact that Vitol, AS Ventspils Nafta majority shareholder,
yields to the interests of the group confirms that it is nothing more than a
company gladly willing to give in to selfish interests of deceitful
millionaires.

AS Ventbunkers also reminds that the offshore companies Steropes
Limited and Gyges Limited, whose true beneficiaries are Skoks and Sevcovs, claim
to own 29% of AS Ventbunkers (via
false Yelverton Investment documents). In fact, neither Steropes Limited nor
Gyges Limited have ever been Ventbunkers
shareholders. They were used exclusively for hiding 2007 dealings from the eye
of the State Revenue Service and the Latvian public. Back then, Berkis,
Stepanovs, Skoks and Sevcovs sold AS Ventbunkers
and its influence in AS Ventspils Nafta
for 200 million dollars.

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